Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>DSV has established itself as a global leader in transport and logistics through a highly effective and aggressive M&amp;A strategy, culminating in the landmark acquisition of DB Schenker, which is set to double the company's size.</li>
  <li>The company operates an asset-light business model, focusing on service quality, network reach, and operational efficiency rather than owning transportation assets, which provides scalability and high returns.</li>
  <li>While facing a challenging macroeconomic environment with normalizing freight rates and margin pressure, DSV's proven ability to integrate large acquisitions and extract synergies is a key driver for future earnings growth.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  DSV has established itself as a global leader in transport and logistics through a highly effective and aggressive M&amp;A strategy, culminating in the landmark acquisition of DB Schenker, which is set to double the company's size.
  The company operates an asset-light business model, focusing on service quality, network reach, and operational efficiency rather than owning transportation assets, which provides scalability and high returns.
  While facing a challenging macroeconomic environment with normalizing freight rates and margin pressure, DSV's proven ability to integrate large acquisitions and extract synergies is a key driver for future earnings growth.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

<ul><li>Although projected timelines for autonomous vehicle deployment and adoption have historically proven overly optimistic, major transport companies are currently conducting live trials, suggesting that autonomous truck adoption may be at an inflection point.</li><li>While timelines for autonomous vehicle adoption have historically been overly optimistic, and current trials may not lead to widespread adoption, the fact that autonomous trucks are moving real freight volumes increases the confidence that the autonomous truck technology is reaching a point where widespread adoption over time is likely.</li><li>In New Zealand, the average age of a truck driver is 46.5 years, +5 years greater than the general workforce and 10% of truck drivers are over retirement age.</li></ul>

Although projected timelines for autonomous vehicle deployment and adoption have historically proven overly optimistic, major transport companies are currently conducting live trials, suggesting that autonomous truck adoption may be at an inflection point.While timelines for autonomous vehicle adoption have historically been overly optimistic, and current trials may not lead to widespread adoption, the fact that autonomous trucks are moving real freight volumes increases the confidence that the autonomous truck technology is reaching a point where widespread adoption over time is likely.In New Zealand, the average age of a truck driver is 46.5 years, +5 years greater than the general workforce and 10% of truck drivers are over retirement age.

Transport Titbits – Autonomous Truck Adoption Slowly Shifting Gears

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>The pullback in global equities continues with the MSCI ACWI (ACWI-US) testing 1.5-month downtrend resistance while the STOXX Europe 50 tests resistance at 3800-3840.</li>
<li>We expect a rejection at the 1.5-month downtrend and for the stair-step lower to continue, with our targets being $84 (December 2022 low) and potentially $75-77 (the 2022 lows).</li>
<li>If ACWI-US is able to reverse above the 1.5-month downtrend, we still expect $93 to cap upside in 2023. Remain overweight Europe. Also highlighting individual stock buys on pullbacks.</li>
</ul>


The pullback in global equities continues with the MSCI ACWI (ACWI-US) testing 1.5-month downtrend resistance while the STOXX Europe 50 tests resistance at 3800-3840.
We expect a rejection at the 1.5-month downtrend and for the stair-step lower to continue, with our targets being $84 (December 2022 low) and potentially $75-77 (the 2022 lows).
If ACWI-US is able to reverse above the 1.5-month downtrend, we still expect $93 to cap upside in 2023. Remain overweight Europe. Also highlighting individual stock buys on pullbacks.


MSCI ACWI and EAFE Testing 1.5-Month Downtrends; Remain OW EU; Buys in Leading Sectors on Pullbacks

<ul><li>Mainfreight’s (MFT) Annual Shareholders Meeting (ASM) trading update heralds the dramatic return to synchronised growth.</li><li>PBT for the first 16 weeks was up +78% on the prior year, driven by synchronised growth across all geographies and all products.</li><li>That said, with the earnings cycle now positively back in upgrade territory, and valuation levels by no means stretched, we reiterate an OUTPERFORM rating.</li></ul>

Mainfreight’s (MFT) Annual Shareholders Meeting (ASM) trading update heralds the dramatic return to synchronised growth.PBT for the first 16 weeks was up +78% on the prior year, driven by synchronised growth across all geographies and all products.That said, with the earnings cycle now positively back in upgrade territory, and valuation levels by no means stretched, we reiterate an OUTPERFORM rating.

<ul><li>Mainfreight (MFT) is due to report a strong start to FY27 in an Annual Shareholders Meeting (ASM) trading update on Thursday, 30 July 2026.</li><li>Moreover, we expect the update to be supportive of full-year consensus growth expectations (PBT +13% against the prior year), with risk to the upside.</li><li>Trading at ~22x one-year forward PE, MFT is at a meaningful discount to the average multiple of its closest listed peers—DSV (DSV.CO), Kuehne+Nagel (KNIN.S), and Old Dominion Freight Line (ODFL.O).</li></ul>

Mainfreight (MFT) is due to report a strong start to FY27 in an Annual Shareholders Meeting (ASM) trading update on Thursday, 30 July 2026.Moreover, we expect the update to be supportive of full-year consensus growth expectations (PBT +13% against the prior year), with risk to the upside.Trading at ~22x one-year forward PE, MFT is at a meaningful discount to the average multiple of its closest listed peers—DSV (DSV.CO), Kuehne+Nagel (KNIN.S), and Old Dominion Freight Line (ODFL.O).

Mainfreight ASM to Confirm Strong Start to FY27

Denmark

DSV A/S is the parent company for a group of companies that offer transport and logistics.   The Group provides truck, ship, and plane transport services, as well as warehousing and logistic services.  DSV operates in Europe, North America, and the Far East.

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DSV A/S (DSV DC)

Primer: DSV A/S (DSV DC) - Aug 2026

DSV has established itself as a global leader in transport and logistics through a highly effective and aggressive M&A strategy, culminating...

αSK Primers

Transport Titbits – Autonomous Truck Adoption Slowly Shifting Gears

Although projected timelines for autonomous vehicle deployment and adoption have historically proven overly optimistic, major transport companies...

Forsyth Barr

MSCI ACWI and EAFE Testing 1.5-Month Downtrends; Remain OW EU; Buys in Leading Sectors on Pullbacks

Pullback in global equities continues with MSCI $ACWI testing 1.5-month downtrend resistance as $STOXX Europe 50 tests 3800-3840 resistance....

Vermilion Research

Mainfreight Boom

Mainfreight’s (MFT) Annual Shareholders Meeting (ASM) trading update heralds the dramatic return to synchronised growth. PBT for the first 16...

Forsyth Barr

Mainfreight ASM to Confirm Strong Start to FY27

Mainfreight (MFT) is due to report a strong start to FY27 in an Annual Shareholders Meeting (ASM) trading update on Thursday, 30 July...

Forsyth Barr

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